A rich landowner like Lobo, Zelaya angered the business elite that had run Honduras for decades with a campaign to rewrite the constitution, promising the poor they would get a voice in shaping the future of the country. He also closely aligned himself with leftist Venezuelan President Hugo Chavez.
Zelaya was deposed when he ignored a Supreme Court order to cancel a referendum on his grandiose plan.
Lobo was democratically elected in a previously scheduled election later that year and took office in January 2010.
He has been at odds with the same Supreme Court that supported Zelaya's ouster. The court shot down Lobo's plans to build private cities as a means of attracting investment and economic development. The Supreme Court next week is also expected to reject Lobo's plan to clean up the corrupt Honduran national police, which are often involved in killings and organized crime.
Lobo said the leader of the conspiracy is Jorge Canahuati, owner of Grupo Opsa, which publishes El Heraldo and La Prensa, the country's two largest daily newspapers.
Canahuati denied any involvement in a statement published on his newspapers' websites. It called Lobo's comments reckless, unfounded and intimidating and said they are "endangering freedom of expression."